Coinbase Global (NASDAQ:COIN) Shares Down 2.7%

Coinbase Global, Inc. (NASDAQ:COIN)’s share price was down 2.7% during mid-day trading on Wednesday . The company traded as low as $233.70 and last traded at $238.42. Approximately 2,860,079 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 12,507,440 shares. The stock had previously closed at $245.00.

Analyst Ratings Changes

A number of equities analysts recently commented on COIN shares. Wedbush lifted their price target on Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Raymond James upgraded Coinbase Global from an “underperform” rating to a “market perform” rating in a report on Tuesday, March 12th. JPMorgan Chase & Co. raised their price objective on Coinbase Global from $95.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Barclays increased their target price on shares of Coinbase Global from $179.00 to $204.00 and gave the stock an “underweight” rating in a report on Monday, May 6th. Finally, Bank of America raised shares of Coinbase Global from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $110.00 to $217.00 in a report on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $214.67.

Get Our Latest Analysis on COIN

Coinbase Global Price Performance

The business has a fifty day moving average price of $231.82 and a 200 day moving average price of $184.24. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $57.65 billion, a price-to-earnings ratio of 46.86 and a beta of 3.46.

Coinbase Global (NASDAQ:COINGet Free Report) last released its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 EPS for the quarter, beating the consensus estimate of $1.04 by $0.61. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. On average, research analysts expect that Coinbase Global, Inc. will post 5.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 17,444 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $239.07, for a total transaction of $4,170,337.08. Following the completion of the transaction, the insider now owns 71,195 shares of the company’s stock, valued at $17,020,588.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Lawrence J. Brock sold 16,456 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $223.34, for a total transaction of $3,675,283.04. Following the completion of the sale, the insider now owns 16,140 shares in the company, valued at approximately $3,604,707.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 17,444 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $239.07, for a total value of $4,170,337.08. Following the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at $17,020,588.65. The disclosure for this sale can be found here. Insiders sold 465,233 shares of company stock worth $106,055,266 over the last ninety days. Company insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of the stock. Barrett & Company Inc. acquired a new stake in Coinbase Global during the 4th quarter worth about $26,000. Creekmur Asset Management LLC acquired a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $27,000. Concord Wealth Partners lifted its position in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 87 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 100 shares during the period. Finally, Mather Group LLC. purchased a new position in Coinbase Global during the 1st quarter worth approximately $32,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

About Coinbase Global

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Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.

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